A key component of risk management is the ability of an institution to implement a corrective action plan in a timely manner. Audit committees are assigned the fiduciary responsibility of ensuring that all identified issues through the internal audit and other self-assessment and compliance reviews are followed up and corrected in a systematic manner, which ensures that issues with significant risk are appropriately prioritized and receive the required attention. To manage such a process successfully requires an enterprise-wide application which can be accessed and updated by all responsible personnel within an organization.
IssueTracker is P&G Associates’ proprietary application to assist our internal audit clients in managing all issues and recommendations arising from the audit activity. It serves as an easy-to-use interactive monitoring and tracking tool that provides a streamlined and efficient way for your personnel and Audit Committee members to track audit issues, manage them through resolution and create on-demand reports that can be filtered by a variety of criteria.
This web-based application is secure and can be controlled by both the Internal Audit Department and any personnel within the organization. IssueTracker’s uniqueness is in its ability to allow enterprise-wide access to the assigned responsible party, who can then update the status of the issue. With IssueTracker, the status of the implementation of corrective action regarding the resultant issues of an audit can be monitored in a consistent and efficient manner.
Each responsible person can only access the issues assigned to them. Being Internet based, personnel can be given access to the recommendations relating specifically to them. Updates can be viewed by the designated Manager who can close a particular issue once it is deemed to have been resolved or corrected. Summarized reports can be generated on demand or an as needed basis.